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| FUM (millions) | |
| Fund Overview | The Fund is a long/short investment fund principally investing in listed entities, commodities, futures and options in Australia and internationally. The Fund is not a market neutral fund and accordingly may switch between net long positions and net short positions. The Fund may use short sales and derivatives. Gearing may be used to enhance returns and the Fund may be geared in excess of 100% of the Fund's Net Asset Value. There is a limit to net exposure of 150%. |
| Manager Comments | The September return was largely due to 3 things. First, a long position in TPG Telecom which downgraded earnings for the first time in 5 years. The Fund has since exited this position. Second, there was selling pressure in some of the sustainable yield long positions, so the fund trimmed down during the month. And third, strength in the resources and bank shares, in which the fund continues to hold short positions. At month-end, the fund had a net exposure of 21.1% and a gross exposure of 266.8%. The fund held 111 positions (56 long and 55 short) that were diversified across multiple investment themes. Top contributors were a short position in OFX Group and long positions in Challenger and Northern Star. Biggest detractors were a long position in TPG Telecom and short positions in BHP Billiton and Amaysim. Click below to read the latest Fund's Monthly Report. |
| More Information |
